Greer Labs stock sold

No changes expected at Lenoir company
May. 01, 2013 @ 07:55 AM

GREER Labs has a new owner, but the name remains the same and company officials say no jobs will be affected.

Ares Life Sciences, a health care investment group, completed a deal Tuesday to buy Albion Medical Holdings Inc., which includes GREER Laboratories.

Completion of the deal, which was first announced March 8, was awaiting regulatory approval and closing conditions.

“We are pleased that this transaction has been finalized, and we renew our commitment to allergy immunotherapy, our customers and their patients, ensuring that we will continue to deliver quality, allergy immunotherapy products, services and customer support,” said GREER president and CEO John Roby in March.

GREER  is a developer and provider of allergy immunotherapy products and services for treating humans and animals. According to the company’s website, approximately 2 to 3 million Americans in the U.S. are treated with subcutaneous immunotherapy annually.

Roby said Albion remains the holding company owning GREER, while Ares now holds 100 percent of the stock.

“We’ve always been financially sound,” Roby adds, “but this just gives us more opportunities to develop new products.”

“GREER, with its consistent track record, profitable growth and significant future potential, fits well with our investment strategy,” said Jacques Theurillat, CEO of Ares Life Sciences. "In addition, it reinforces our commitment to the allergy field. We look forward to working with the management team to contribute to the company’s expansion and its future success."

GREER Labs, founded in 1904, has been  in Lenoir since 1934. It now operates two facilities locally, plus one in Mississippi and one in San Diego. It currently employs 380 workers.